South Africa’s Nedbank buys stake in Mozambican bank

6 May 2013

The Nedbank, one of the main banks in South Africa, has entered the banking sector in Mozambique with the acquisition of 36.4 percent of Gevisar, a stake-holding company the has a controlling stake of Banco Único, the companies announced in a joint statement.

Gevisar, a partnership between Portuguese groups Visabeira (30 percent) and Américo Amorim (70 percent), controlled 72.8 percent of Banco Único, and the remaining 27.2 percent belonged to Mozambican shareholders.

By selling 36.4 percent of Gevisar for US$24.4 million, the South African bank and the Portuguese consortium now have equal stakes in Banco Único, and the stake owned by the Mozambican investors remains the same.

In a joint statement the two parties said that the partnership was intended to create value in Mozambique, thus contributing to the growth of the Mozambican economy.

“The entry of Nedbank into Banco Único is part of Gevisar’s initial objectives and its long term strategy,” said Paula Amorim, deputy chair of the Américo Amorim group and chair of Gevisar, said cited in the statement. (macauhub)